President Donald Trump said that he will announce his choice to chair the Federal Reserve Board of Governors next week, signaling a potential shift in U.S. monetary policy after repeated criticism of the central bank’s interest rate decisions.
During a Cabinet meeting on Thursday, Trump said:
“We’re going to be announcing the head of the Fed, who that will be, and it’ll be a person that will, I think, do a good job.”
Trump again argued that the Federal Reserve has kept rates far too high.
“We’re paying far too much interest in the Fed,” he said.
“The Fed rates are too high, unacceptably high.
“We should have the lowest.”
He added that with cooperation from the Fed, the U.S. economy could reach unprecedented levels.
“With the Fed’s help, we could hit numbers that have never been hit before,” Trump said.
Earlier Thursday, Trump sharply criticized current Fed leadership in a Truth Social post.
The president fired back after the central bank declined to cut rates.
“Jerome ‘Too Late’ Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high,” Trump wrote.
“He is hurting our Country, and its National Security.”
On Wednesday, the Federal Reserve voted to hold interest rates steady for the first time since July.
The Federal Open Market Committee voted 10–2 to keep its benchmark interest rate range unchanged at 3.5 percent to 3.75 percent.
Several potential candidates have been mentioned as possible successors to Jerome Powell, whose term as chair expires in May.
Those reportedly under consideration include Kevin Hassett, former Fed governor Kevin Warsh, current Fed governor Chris Waller, and Rick Rieder, BlackRock’s chief investment officer of global fixed income.
The Fed’s rate decision came amid heightened scrutiny of Powell, who is currently under criminal investigation by Trump’s Justice Department.
The probe centers on alleged false statements related to renovations of the Federal Reserve building in Washington, D.C.
The cost of the project has reportedly risen to $2.5 billion.
Powell has strongly pushed back on the investigation.
He addressed it in a prerecorded video after the Justice Department announced the probe.
Trump’s expected announcement next week could mark a significant turning point for the Federal Reserve.
His administration continues pressing for lower interest rates and a more aggressive pro-growth monetary stance.
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